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Economics Multiple Choice

How many of these questions related to economics can you answer correctly?
Quiz by camus
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Last updated: February 6, 2020
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First submittedFebruary 5, 2020
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Average score57.1%
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1. Where was the world's first stock exchange established?
Amsterdam ✓
Paris ✓
Luxembourg ✓
Frankfurt ✓
2. What do Bull and Bear symbolize?
Boom and Downturn ✓
Surplus and Debt ✓
Capitalism and Socialism ✓
3. What is a goal in mercantilism?
To put money into circulation ✓
To reduce tariffs ✓
To export more than to import ✓
4. Why does free market economy work, according to Adam Smith?
Because people care for each other ✓
Because the most able end up controlling everything ✓
Because everyone cares for his/her own profit ✓
5. Which decade is most associated with "Economic Miracles" that took place in Germany, Italy, Japan, and other countries?
1950s ✓
1920s ✓
1980s ✓
1830s ✓
6. What is stagflation?
Pay raises that match inflation ✓
an inflation of 0% ✓
High inflation + high unemployment ✓
7. Until 1971, the US Dollar was convertible to which metal?
Copper ✓
Silver ✓
Gold ✓
Iron ✓
8. What is a key concept of Keynesianism?
The unemployed should be forced to work for benefits ✓
The state should only have a bare minimum of tasks ✓
Governments should actively stimulate the economy ✓
The ideas of John Maynard Keynes played a major role in Franklin D. Roosevelt's New Deal policies of the 1930s and 40s.
9. Where did Karl Marx believe would socialist societies first emerge?
In the whole world at once ✓
In the poorest and most oppressed countries ✓
In highly developed countries ✓
He thought that capitalism first had to squeeze out its positive effects, before inevitably collapsing after severe crises.
10. What is the name for a famous group of free market advocates, among them Milton Friedman?
San Francisco School ✓
Boston School ✓
Chicago School ✓
Philadelphia School ✓
11. Which bank played a major role triggering the 2008 Great Recession when it filed for bankruptcy?
Merrill Lynch ✓
Lehman Brothers ✓
Goldman Sachs ✓
12. What is measured when one speaks of economic growth of a country?
The budget surplus it has acquired ✓
The median income of its population ✓
The market value of the goods it has produced ✓
13. Since the 1950s, how has the top tax rate in the United States changed?
It has been lowered continually. ✓
It has been increased continually. ✓
It hardly changed. ✓
During the Eisenhower presidency, the top marginal tax rate stayed around 90%.
14. Who was usually taxed in ancient Athens?
foreigners living in the city ✓
the richest ✓
manufacturers ✓
farmers ✓
Many considered this an honor.
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